Celgene turns lower amid analyst downgrade

NEW YORK (MarketWatch) -- Shares of Celgene
CELG, +0.36%
were last down 46 cents, or 1.1%, at $41.89, erasing earlier gains as much as 1.6% after the company's blood cancer treatment, Revlimid, received priority review status from the U.S. Food and Drug Administration. Prudential Equity analyst Jason Zhang downgraded Celgene to neutral weight from overweight, saying he believes "it is the right time for investors to actualize gains as we anticipate various scenarios in which Celgene shares could depreciate." He said final approval of Revlimid is not a guarantee, based on data from an uncontrolled Phase II study. In addition, the study data could be under even more scrutiny if a cancer drug advisory committee as to review Revlimid. He kept his price target at $44.

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